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Macy's, Inc.

M Consumer Cyclical Department Stores

Macy's, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $22.6 billion, down 1.67% from fiscal 2025.

Revenue
+1.20%
EPS
+100.0%
Free cash flow
−17.4%
Total debt
−7.35%

Quarter to July 2026, against a year earlier

24.27 1.43 −5.56%
Market cap
$6.3B
P/E
8.6×
Fwd P/E
10.1×
Dividend yield
3.12%
F-score
8/9
Altman Z
2.65
Beneish M
−1.80
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 6.67
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — 12 8 — 2 — — — — —
Insider Ownership 1.30%

Capital & Financial Ratios $m

Size
Market Cap 6,320.00
Revenue ttm 22,780.00
Net income ttm 750.00
Free cash flow ttm 1,107.00
Net debt Q 1,139.00
Valuation
P/E 8.58
Forward P/E 10.10
Price / sales 0.28
Forward P/S Powerpack
Price / FCF 5.78
Price / book 1.30
Financial health
Current ratio Q 1.59 (at or above 1.5: strong)
Debt / equity Q 0.49 (at or below 0.5: strong)
Interest coverage Q 10.61
Growth
Revenue growth Q +1.20% (above 0%: growing)
Operating income growth Q +63.76% (above 0%: growing)
EPS, this year −0.48% (below 0%: weak)
EPS, next year A +2.08%
Revenue, next year A −97.13% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +2.40%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 0.4×; over the ten years it ranged from 0.2× in 2020 to 0.8× in 2016.
P/E against its own 10 years 56.69%
10-year low 10-year high
P/S against its own 10 years 64.58%
10-year low 10-year high
P/B against its own 10 years 46.24%
10-year low 10-year high
EV/Sales against its own 10 years 44.48%
10-year low 10-year high
EV/FCF against its own 10 years 20.98%
10-year low 10-year high

Dividends raised 4 years running

Yield
3.12%
Annual rate
0.76
Payout ratio
27.7%
Growth, 2017–25
−8.69%/yr
  1. 1.51 ’17
  2. 1.51 ’18 +0
  3. 1.51 ’19 +0
  4. 0.38 ’20 −75
  5. 0.30 ’21 −21
  6. 0.63 ’22 +110
  7. 0.66 ’23 +5
  8. 0.69 ’24 +5
  9. 0.73 ’25 +5
  10. 0.02 ’26e −97
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 1,034 1,306 1,246 1,294
Receivables 293 320 628 236
Inventory 4,361 4,468 4,412 4,449
Other — — — —
6,089 6,479 6,673 6,389
2024 2025 2026 Q'26
Payables 4,484 4,518 4,422 3,976
ST’ Debt — 6 — —
Other — — — —
4,532 4,524 4,493 4,019

Compound Annual Growth %

10y 5y 3y
Sales (1.78%) 4.56% (3.85%)
Cash Flow (3.22%) 17.12% (3.97%)
Earnings (5.00%) 0.00% (17.56%)
Book Value 1.34% 13.74% 5.99%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.37 Actual 0.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.13 0.09 Beat by 0.22
Q4 FY25 1.53 1.67 Beat by 0.14
Q1 FY26 0.02 0.13 Beat by 0.11
Q2 FY26 0.37 0.40 Beat by 0.03
Q3 FY26 −0.19 — Reports 2 December 2026

EPS $

Apr Jul Oct Jan Year
’26 0.23 0.62 — — —
’26 0.13 0.31 0.04 1.84 2.32
’25 0.22 0.53 0.10 1.21 2.07
’24 0.56 (0.08) 0.15 (0.46) 0.16
’23 0.98 0.99 0.39 1.83 4.19
’22 0.32 1.08 0.76 2.44 4.55
’21 (11.53) (1.39) (0.29) 0.50 (12.68)
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 4,892 5,059 — — —
’26 4,793 4,999 4,913 7,916 22,621
’25 5,000 5,096 4,903 8,007 23,006
’24 5,173 5,280 5,038 8,375 23,866
’23 5,565 5,834 5,467 8,583 25,449
’22 4,865 5,844 5,653 9,037 25,399
’21 3,148 3,727 4,185 7,037 18,097
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 292 294 — — —
’26 (64) 319 (8) 1,183 1,430
’25 129 8 (167) 1,308 1,278
’24 105 166 (113) 1,147 1,305
’23 248 55 185 1,127 1,615
’22 494 471 (124) 1,871 2,712
’21 (164) 157 251 405 649
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 140 157 — — —
’26 (203) 190 (170) 980 797
’25 (96) (148) (248) 1,171 679
’24 (166) (95) (294) 953 398
’23 60 (266) (167) 830 457
’22 403 366 (195) 1,705 2,279
’21 (303) 38 162 399 296
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −7.7% a year for ten years. It grew −6.6% a year over the last ten.

Implied
−7.7%
10 years, reported
−6.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 26,564 25,641 25,739 25,331 18,097 25,399 25,449 23,866 23,006 22,621 22,780 (1.8%) 648 644 632 (69.7%)
Gross margin, % 41.03 40.79 40.89 40.11 32.11 41.12 39.70 40.40 40.28 40.33 40.69 (0.7) pt
EBT 965 1,516 1,420 728 (4,790) 1,866 1,477 43 763 849 986 (1.4%)
EBT margin, % 3.63 5.91 5.52 2.87 (26.47) 7.35 5.80 0.18 3.32 3.75 4.33 +0.1 pt
Net income 619 1,555 1,098 564 (3,944) 1,430 1,146 45 582 642 750 +0.4%
Per share, $
Per share, $ Revenue 86.11 83.96 83.65 81.79 58.17 82.79 92.64 87.04 82.84 83.60 86.42 (0.3%)
Earnings 2.01 5.07 3.60 1.82 (12.68) 4.66 4.28 0.16 2.10 2.37 2.83 +1.8%
Cash flow 5.84 6.47 5.64 5.19 2.09 8.84 5.88 4.76 4.60 5.28 6.68 (1.1%)
Capex (0.77) (1.14) (1.49) (3.14) (1.13) (1.41) (4.22) (3.31) (2.16) (2.34) (2.48) +13.1%
Free cash flow 5.06 5.33 4.15 2.05 0.95 7.43 1.66 1.45 2.45 2.95 4.20 (5.8%)
Book value 14.01 18.77 20.92 20.59 8.21 11.80 14.86 14.72 16.39 17.96 18.70 +2.8%
Shares, m 309 305 308 310 311 307 275 274 278 271 267 (1.4%)
Valuation, ×
Valuation, × P/E 14.70 5.12 7.33 8.73 0.00 5.44 5.51 102.93 7.45 8.79 8.58 16.6
P/S 0.34 0.31 0.31 0.20 0.25 0.31 0.26 0.21 0.19 0.25 0.28 0.3
P/B 2.11 1.38 1.26 0.77 1.79 2.17 1.59 1.24 0.95 1.18 1.30 1.4
EV/Sales 0.55 0.48 0.45 0.33 0.43 0.38 0.35 0.30 0.25 0.31 0.34 0.4
EV/FCF 9.40 7.59 9.15 13.23 26.20 4.29 19.61 17.94 8.54 8.93 6.98 12.5
Cash, $m
Cash, $m Operating cash flow 1,801 1,976 1,735 1,608 649 2,712 1,615 1,305 1,278 1,430 1,761 (2.5%)
Capex (239) (349) (458) (972) (353) (433) (1,158) (907) (599) (633) (654) +11.4%
Free cash flow 1,562 1,627 1,277 636 296 2,279 457 398 679 797 1,107 (7.2%)
Balance, $m
Balance, $m Working capital 1,979 2,467 2,213 1,060 827 1,342 992 1,557 1,955 2,180 2,370 +1.1%
Net debt 5,574 4,428 3,589 3,475 3,180 1,913 2,469 1,964 1,473 1,186 1,139 (15.8%)
Shareholders’ equity 4,322 5,733 6,436 6,377 2,553 3,621 4,082 4,035 4,552 4,860 4,928 +1.3%
Returns, %
Returns, % ROA 3.10 7.94 5.71 2.79 (20.29) 8.10 6.65 0.27 3.57 3.93 4.79 +0.8 pt
ROIC 8.66 11.47 10.84 6.15 (48.79) 26.54 16.11 3.14 9.43 10.65 11.77 +2.0 pt
ROE 14.62 31.15 18.21 8.80 (88.33) 46.32 29.75 1.11 13.56 13.64 15.97 (1.0) pt
People
People Employees 148,300 130,000 130,000 123,000 75,711 88,857 94,570 85,581 94,189 90,134 — (5.4%)
Revenue/emp, $m 0.18 0.20 0.20 0.21 0.24 0.29 0.27 0.28 0.24 0.25 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Business profile

Updated

Macy’s, Inc. is a retailer that sells clothing, accessories, beauty products, home furnishings and other consumer goods through stores, websites and mobile apps. It operates under three names: Macy’s, Bloomingdale’s and Bluemercury. The company traces its founding to 1929 and is headquartered in Cincinnati. Tony Spring is chief executive officer and chairman.

The Macy’s nameplate is a department store serving a broad customer base, with merchandise for women, men and children as well as cosmetics and home goods. It operates full-line and smaller stores, alongside Macy’s Backstage, an off-price concept. Off-price retail offers merchandise at reduced prices rather than relying only on a traditional department-store assortment.

Macy's, Inc. vs peers in the Consumer Cyclical sector (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LNWO Light & Wonder, Inc. $7.0B 21.8× 16.5× −2.02% (below 0%: shrinking) +27.01% (above 0%: growing) +124.76% (above 0%: growing) 75.61% 29.37% Compare
LAD Lithia Motors, Inc. $6.8B 9.1× 8.2× +2.80% (above 0%: growing) +53.54% (above 0%: growing) +39.80% (above 0%: growing) 15.04% 4.22% Compare
HRB H&R Block, Inc. $6.7B 9.6× 8.8× +3.05% (above 0%: growing) +4.55% (above 0%: growing) −1.99% (below 0%: shrinking) 51.91% 32.91% Compare
CHDN Churchill Downs, Incorporated $6.7B 15.2× 14.0× +1.90% (above 0%: growing) +111.65% (above 0%: growing) +252.66% (above 0%: growing) 29.74% 20.55% Compare
FTDR Frontdoor Inc. $6.6B 23.1× 21.6× +5.99% (above 0%: growing) +16.55% (above 0%: growing) +12.07% (above 0%: growing) 55.27% 0.00% Compare
BIRK Birkenstock Holding PLC $6.6B 17.3× 16.6× +16.05% (above 0%: growing) −10.26% (below 0%: shrinking) −3.15% (below 0%: shrinking) 59.05% 28.22% Compare
JMKE Jersey Mike�s Subs Inc. $6.4B — — — — — 100.00% 22.97% Compare
M Macy's, Inc. $6.3B 8.6× 10.1× +1.20% (above 0%: growing) +100.00% (above 0%: growing) −17.37% (below 0%: shrinking) 43.70% 4.82%
ZGN Ermenegildo Zegna N.V. $5.9B — (loss-making) 32.0× — n/m +56.38% (above 0%: growing) 55.40% 0.00% Compare
Median of peers $6.7B 16.3× 16.5× +2.92% +21.78% +39.80% 55.34% 21.76%

All 539 Consumer Cyclical stocks →

From the latest earnings call

Updated

  • CEO Antony Spring said customers responded to new products and events, while Reimagined stores benefited from changes to staffing, assortments and the shopping experience.
  • CFO Thomas Edwards said Macy’s would reinvest tariff refunds in brand building and store pilots while passing a portion through to earnings.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.65%
Held by the ten largest 51.17%
Holder Shares Stake Change
BlackRock 28.26m 10.74% −3.09k
Vanguard 26.13m 9.93% −1.10m
Dimensional Fund Advisors 16.80m 6.39% +325.14k
American Century 11.03m 4.19% −1.11m
Charles Schwab 9.80m 3.73% +593.62k
State Street 9.17m 3.48% −58.76k
RWC Asset Management LLP 8.94m 3.40% −2.33m
Goldman Sachs 8.81m 3.35% +1.19m
LSV ASSET MANAGEMENT 8.30m 3.16% +1.73m
Berkshire Hathaway 7.35m 2.79% +4.31m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 14.10m 20.52m 156.83
2025 16.45m 12.08m 116.33
2024 11.56m 5.30m 133.73
2023 11.06m 6.58m 158.85
2022 12.29m 34.46m 169.84
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Macy's, Inc. (M) Latest News

29 Oct

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1 Oct

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30 Sep

Impact 3 · · Associated Press
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25 Sep

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11 Sep

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M metrics, ten years each

stockrow.com/M · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com